Venezuela - Baker & McKenzie International Arbitration Yearbook: 2010-2011
Henry Torrealba is a Partner in Baker & McKenzie’s Caracas office. He heads the Civil, Commercial and Criminal Litigation Department of the office. He has acted as president of arbitral tribunals and sole or co-arbitrator in several arbitrations before the Arbitration Center of the Caracas Chamber.
Edmundo Martinez is a Partner in Baker & McKenzie’s Caracas office. He is a member of the Firm’s Banking and Finance, Trademark and the International Arbitration Practice Groups of the Firm’s Global Dispute Resolution Practice Group.
Gabriel De Jesus is an Associate in Baker & McKenzie’s Caracas office and a member of the Firm’s Global Dispute Resolution Practice Group.
Originally from Baker & McKenzie International Arbitration Yearbook 2010-2011
A. LEGISLATION, TRENDS AND TENDENCIES
Commercial arbitration in Venezuela continues to be governed by the Law on Commercial Arbitration (“LCA”), published on April 7, 1998 in Official Gazette No. 36.530. This law is based on the UNCITRAL Model Law. The LCA introduced commercial arbitration in Venezuela, and distinguished between “institutional” and “independent” arbitration. According to LCA Article 2, institutional arbitration is “conducted through the arbitration centers to which this Law refers, or those that may be created by other laws,” whereas independent arbitration is “governed by rules agreed by the parties, without intervention of the arbitration centers.” If the parties elect institutional arbitration, all matters will be governed by the provisions in the arbitration regulations of the arbitration center to which the parties have submitted the controversy. The LCA is not limited to regulating internal or domestic commercial arbitration. Its provisions may also be applied to international commercial arbitration. Some commentators draw this conclusion based on the historical backgound of the LCA.